Dollars And Sense
Unless money simply isn’t an issue, the financial implications of remodeling are definitely something to consider. When it comes time to sell your home, the new buyer will usually not pay for over-improvements. This means that if you have the smallest home in an area of larger, more expensive homes, home improvements may make very good financial sense. However, if you already have the largest, most expensive home in the area, more improvements may make you more comfortable but may not bring you a good financial return. You may find that it is financially wiser to sell and move to a different home that already has the features you want to add.
When Money Does Not Matter
Money isn’t everything, however, so if the most important consideration for remaining in your home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. But let’s look at another scenario; where money still does not matter but the idea of having your house torn up for weeks at a time makes your blood run cold. Then, it really doesn’t matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.